v3.25.4
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income $ 67,450 $ 50,509 $ 17,329
Adjustments to reconcile net income to net cash provided by operating activities:      
Management fee 12,212 7,832 3,440
Performance participation allocation 389 443 562
Depreciation and amortization 16,594 8,996 2,544
Straight line rent amortization (3,239) (2,172) (1,425)
Above- and below- market lease amortization, net (1,002) (667) (209)
Amortization of discount/premium (731) (178) (210)
Amortization of deferred financing costs 1,626 997 161
Amortization of restricted stock awards 100 100 75
Unrealized (gain)/loss on fair value of investments in real estate debt 181 35 (207)
Realized gain on repayments of real-estate related securities (177) (136) (3)
Changes in assets and liabilities:      
Other assets (1,881) (2,361) (3,544)
Due to affiliates (3,064) 406 5,198
Other liabilities 4,251 2,307 1,876
Net cash provided by operating activities 92,709 66,111 25,587
Cash flows from investing activities:      
Acquisitions of real estate (471,152) (107,241) (166,332)
Capital improvements to real estate (330) (137) (621)
Payment of investment acquisition deposit (500)    
Origination and acquisition of commercial mortgage and mezzanine loans (230,061) (266,863) (262,980)
Purchase of real estate-related securities (73,243) (55,478) (25,419)
Add-on fundings of commercial mortgage loans (304,021) (244,511) (39,488)
Repayments of commercial mortgage loans 213,795    
Repayments from real estate-related securities 24,835 8,133 117
Net cash used in investing activities (840,677) (666,097) (494,723)
Cash flows from financing activities:      
Borrowings from mortgage notes 120,300   36,000
Borrowings from secured debt arrangements 274,286 189,985  
Repayments of secured debt arrangements (33,300) (50,000)  
Payment of deferred financing costs (3,933) (920) (1,627)
Proceeds from issuance of common stock 452,543 483,539 405,566
Proceeds from issuance of preferred equity by subsidiary REITs   125  
Distributions paid (51,411) (28,207) (7,018)
Distributions to non-controlling preferred stockholders (15) (14)  
Repurchase of common stock (29,064) (6,101) (151)
Offering costs paid (2,448) (1,221) (18)
Net cash provided by financing activities 726,958 587,186 432,752
Net change in cash, cash equivalents and restricted cash (21,010) (12,800) (36,384)
Cash, cash equivalents and restricted cash, beginning of period 82,405 95,205 131,589
Cash, cash equivalents, and restricted cash, end of period 61,395 82,405 95,205
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:      
Cash and cash equivalents 58,492 82,312 95,205
Restricted cash 2,903 93  
Total cash, cash equivalents and restricted cash 61,395 82,405 95,205
Supplemental disclosure of cash flow information:      
Cash paid for interest 17,675 8,951  
Non-cash investing and financing activities:      
Change in loan proceeds held by servicer for repayment of commercial mortgage loan 49,761    
Change in loan proceeds held by servicer for repayment of secured debt arrangements 31,350    
Accrued offering costs due to affiliate 226 275 1,305
Accrued stockholder servicing fees due to affiliate 23 14  
Distribution reinvestments 18,602 11,960 3,552
Distributions accrued and not paid 6,899 4,859 1,900
Accrued repurchases of common stock 6,963 2,198  
Issuance of Class E shares for payment of management fee 10,683 6,366 2,042
Transfer to redeemable non-controlling interests     779
Redeemable non-controlling interest issuance as Class E units of the Operating Partnership for payment of management fee 1,189 1,107 176
Redeemable non-controlling interest issuance as Class E units of the Operating Partnership for payment of performance participation allocation 443 562  
Allocation to redeemable non-controlling interests $ 66 $ 35 $ 12